Eurozone PMI rises to 54 points in Oct.

The composite Purchasing Managers Index (PMI) in the 19-country eurozone unexpectedly rose to 54 points in October, a key business survey showed on Friday, suggesting the eurozone saw a pickup in economic activities.

The reading was greater than the 53.6 points in the previous month, well above the 50-point boom-or-bust line, according to data monitoring company Markit.

The latest reading remained slightly below that seen in August but still signaled one of the strongest monthly expansions seen over the past four years, it added.

The region's two largest economies, Germany and France, both saw growth accelerate in October, with the former enjoying the stronger pace of expansion.

However, although still only modest, growth of business activity in France -- a laggard in the region's current recovery -- was the second fastest seen for just over four years, it said.

Markit pointed out the forward-looking indicators point to a risk of growth slowing in November. "Service sector expectations of activity in the year ahead hit a ten-month low, while the manufacturing orders-to inventory ratio dipped to its weakest for nine months," the firm said.

Markit's fresh figure came after the president of the European Central Bank (ECB) Mario Draghi signaled on Thursday that the Bank may expand its massive asset purchasing program this year as global slowdown posed threatens to weigh on the zone's growth.

"Unless the PMI business activity and price indices pick up significantly in coming months, the combination of relatively weak growth and deflation signaled by the survey will fuel expectations that the ECB will step up its quantitative easing program at the December meeting," said Chris Williamson, chief economist at Markit. Endit